Chapter 3.08
GENERAL OBLIGATION BOND FUND
Sections:
3.08.010 Created.
There is created in the office of the town clerk-treasurer a special fund to be known as “general obligation bond fund” of the town for the purpose of providing for the interest and principal payments when due under Ordinance 113 of the town, which ordinance provides for the purchase of a fire truck. Into said obligation bond fund is to be deposited all taxes levied for the payment of the interest and principal on outstanding general obligation bonds issued by the town. From said fund should be paid the interest and principal payments of general obligation bonds. (Ord. 124 § 1, 1953)
3.08.020 Levy.
For the purpose of maintaining the general obligation bond fund, the town shall, at the time of making its annual budget and tax levy, provide for the levy of a sum sufficient to meet the interest and principal payments when due on the general obligation bonds and to establish a balance therein. (Ord. 124 § 2, 1953)